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The Uchi Domain is a structural and time-stratigraphic division of the Superior Province, with a chain of greenstone belts that extend over 650 km from Lake Winnipeg to the James Bay Lowlands. It contains almost 800 recorded gold occurrences from raw prospects to producing mines. Total gold endowment (past production + reserves + resources) to date is approximately 54 million ounces, and still actively growing. This makes it the second most productive gold district in Canada, after the Abitibi greenstone belt.
Pegasus' Confederation Lake project totals ± 20,700 hectares (± 51,700 acres) over a 60 km length of VMS-favourable geology. Access is by first class, all-weather gravel roads and a network of secondary forestry access roads. The 115 kV power line from Ear Falls to Pickle Lake and Musselwhite crosses the property. The natural gas pipeline to Red Lake runs along Hwy 105.
Pegasus has submitted an application for Early Exploration Permit/Plan on the Joy property. Preliminary field work will include prospecting and geological mapping where outcrop is sufficient and geochemical soil sampling in overburden-covered areas. Once permits are received exploration will focus on the potential for volcanogenic massive sulphide (VMS) as well as "gold-only" mineralization.